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congress the same problems. the fiscal cliff that pushes our economy into another recession. the lower economy and higher taxes a bad cocktail. , promised a new era but that reminds me of groundhog's day. it is great to have my guess here. the perfect do well to talk monday morning quarterback. yourself awful the president today actually calling on boehner and harry reid to say we have to come together. we could have seen more of that from the first administrations that he is doing it now. what are the odds they get together? >> everyboby hopes they are high but you want to avoid the high stakes game of chicken and during the lame duck session. that could have been. but his willingness to meet with mitt romney and boehner to resolve the situation. but if you heard voters press conference he sounds like he is the same position under no circumstances will taxes ever be raised. gerr he sad the reelection of the president is not a mandate to ise taxes. this is a huge debate. can hey come together? >> i elieve we can seize the futre together. we're not as divided as our politics suggest as
.s. economy from going over the so-called fiscal cliff. in the last 24 hours, newly relie detectorred president barak obama and house speaker john boehner have both vowed that they will not let this happen. but is that even possible given today's decisive political climate? before we get into the discussion, let's first listen to what both men had to say. >> this is an opportunity for the president to lead. this is his moment. >> i'm committed to solving our fiscal challenges, but i refuse to accept any approach that isn't balanced. >> arthel: let's talk about it now. matt is the former white house political director under president george w. bush. alexis is the executive director for the american values institute. good to see both of you. >> great to be here. >> arthel: very good. so let's say that each of you is going to broker this deal. tell me the concessions you would make and what would be the deal breakers. i'm going to go with you first, matt. >> okay. so i'm in the seat of power. i guess if i'm a republican, i want to make sure that if i'm going to negotiate a deal that i've
yet the same time. >> the economy is not getting better. everyone is talking about the economy in the head it will take because of the storm in the northeast. getting back to the map, the real killers making 40% of the revenue. wal-mart backing up their sales. on thanksgiving and when you hear these things and we talk about 1% growth, it just feels like that. it is a matter of a couple of quarters -- i believe it will get into the textbook of negative growth. neil: do you think they will have a deal by the end of the the year? >> i think it is slightly lesson of 50/50 chance. i think it is 50/50 or worse. that is what the market is showing right now. >> i think the market is sending a message and i think it is only a matter of -- when obama's first term began in 2008, we have four years of gridlock. i think there was a message here. i want to be optimistic that they will get a deal. neil: if the market is doing this, they will be forced to. we will see. we do want to keep you aware of it. we will watch it. there is that. we do have the ability to convey things to you and the si
the entire size of our economy. there will be many who will say that we should confront the first of these challenges by letting the tax rates expire and pushing the sequester off to some other day. there would have disengage in the same short-term temporary policies that has helped put us into this fix. let's have more of the same. let's agree to a drive our economy off part of the fiscal cliff instead of driving it off the whole fiscal cliff and we will call it a day. that might get us out of town but it will not get us out of the problem. and it will hurt our economy. we cannot keep going on like that. we cannot keep setting the bar that low. it is time that we raise the bar. the american people did not give us a mandate to do the simple thing. they elected us to lead. they gave us a mandate to work together to do the best for our country. we know what the best thing is, an agreement that sends the signal to our economy and to the world that after years of hunting on the fiscal challenges we face, -- punting the fiscal challenges we face, 2013 is going to be different. if we wa
contribute a little bit to helping our economy, and the majority of the people who are fortunate and made a lot of money, they're willing to do this. democrats, independents and republican support the direction of the president regarding this fiscal cliff issue. thanks, everybody. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> you just heard senate democrats speak about elections. the republicans will talk about their own election. main senator-elected angus king saying he'd caucus with the democrats. here's what he had to say. -- maine senator-elect angus king saying he'd caucus with the democrats. here's what he had to say. >> good morning. all set. today i'm announcing my decision as to which party, if any, i'll associate myself in my work here in the u.s. senate. before doing so, however, i'd like to outline my thinking on this issue and set out the principles that have guided my decision. in answering this, who will you caucus with question, repeatedly during the campaign -- and i emphasize the word repeatedly -- i
important issue was. the economy was way up on top, almost 3/5ths of people said the economy was the number-one issue. the percentage who said that foreign policy was the most important issue was down in the single digits. that is not the driver. foreign policy is usually not the biggest driver. it is worth noting that those voters who said that foreign policy was the most important issue, president obama won that group. host: that made for about 5%. the economy, 59% put that as the most important issue. federal budget deficit, 15%. talk about how the health care law played into voters' attitudes? 18% said it was the most important issue. guest: that is an important thing. almost one in five voters said that health care was the most important issue. the president won roughly three- quarters of that vote. throughout the republican primaries, the issue of obamacare was a huge rallying cry. in 2010, the republicans won some big victories because of anger on the part of conservative voters about the president's health-care law. by the time you get to this election, you see this turnaround were
on the economy could be catastrophic. president obama delivers a big economic speech in about eight hours, and he wants tax cuts for the wealthy to extire. house speaker john boehner drawing this line in the sand. >> raising tax rates is unacceptable. and, frankly, it couldn't even pass the house. i'm not sure it can pass the senate. >> white house correspondent brianna keilar is live from washington, d.c. for us this morning. brianna, speaker boehner seemed to be offering the president on olive branch earlier this week when he talked about the possibility of increasing revenue. but here he's taking a hard stance against tax increases. what does that say about the chances of a compromise? >> well, it may actually sound kind of like it's splitting hairs. but it's really two different things where he's talking about increasing tax rates. he says he's not okay with that. but he would be maybe okay, maybe amenable to increasing revenue. to bringing in more tax dollars, because there is a difference. and what he's saying is part of a chorus of conciliatory language that we're hearing from democrats an
in the broader economy. those comments live in just a few minutes. lori: interesting. the remarks coming after they come off of the weakest decline in a year. the markets near session highs, but will the market like what they hear? melissa: plus, what will the next four years mean for the oil and gas industry? the ceo will join us coming up. but it is time for stocks as we do every 15 minutes let's head to the floor of the new york stock exchange. stocks are climbing higher after the two-day drop. sandra: they did not start out that way, there was fear we would have another dramatic selloff today. now we are somewhat up from about 61 points. that is not exactly a rally. bouncing back a little bit ahead of the weekend, but still the worst two-day drop in a year, 434 points loss over that wednesday and thursday. as we face a fiscal cliff, consumer sentiment one piece of economic data that came out today better than expected in november hitting a five-year high, getting a little bit of a boost in the stock market. wholesale inventories 1.1% in september, above expectations, that is adding a bit t
lines for these tax cuts that would cause damage to the economy if they're not dealt with. extending those tax cuts for 98% of the american people would deal with more than half in dollar terms of the impact caused by the fiscal cliff. there are other challenges we need to address including the sequester but congress ought to, the house ought to pass those tax cuts right away because it would send a tremendous positive signal to the american people that in the wake of this election, we can at the very least, come together and convert into law a bill that everyone agrees should become law, republicans and democrats alike, the president included. and we will then continue to work on those issues where we have broader disagreement. and that's where the president has invited leaders of congress to the white house next week. that's why he will be meeting with business leaders and labor leaders and others to get their ideas about how to move forward. he does have his own very specific plan that reduces the deficit by $4 trillion, that does it in a balanced bay and we can invest in research
-- i'm not saying the campaign should have been run on them. the economy was obviously the major issue. but you can't take a crouching position if you're a member of a party that believes that all of our children should be welcomed into the world, for example, and protected by the law. >> governor, do you agree with that? >> well, i'd have to say that the republican party needs to decide whether it wants to win or lose going forward. >> and what do you think that would allow you to do? >> well, when we're talking about the party, we're losing. when we're talking about america, we win. so in embrace of all people, in articulation of a vision, people don't want to be moralized to, they don't want to be lectured to, they want to live their lives. they want an economy that works, jobs, opportunities, schools that educate the next generation. and they want to be left alone. and the sooner that we as a party can get around that and start preparing for the 21st century, which is really the discussion that we need to have, how you prepare for the most competitive years ahead in a high liu comp
it is a slope, it is going to hurt the economy. it's not going to happen overnight, we're not going to go into a major recession overnight, but, you know, the democrats clearly don't want to sacrifice unemployed workers and, you know, and the economy as a whole to, you know -- and so that's where they're vulnerable. and this is hypersimplified. i mean, i don't even -- you know, the tax increase is not just a bush tax cut, but it's a payroll tax cut, and unemployment is another big factor there, the extended unemployment. so the, you know, sort of a point -- okay. well, okay, i'm going to skip ahead, but just a couple of points to be made here. you know, economists are all glad that now -- or keynesians are glad that there's an implicit, you know, that the whole discussion around the fiscal cliff implies that you're a keynesian, that you really believe the economy's going to go south if you, if you close the deficit even though it's not usually stated in those words. you know, a couple of details are, you know, yes, generally speaking all else equal you reduce the deficit, you will have, y
that are now griffin to various parts of -- given to various parts of our economy, for example, the oil and gas industry, and shift those tax breaks around so we would fund infrastructure project. in fact, that's what the president proposed to do. before i go further into how we might use the effort to build infrastructure, i want to just say that that infrastructure program is going to be absolutely essential to rebuild an extraordinarily important part of this nation. that is the east coast. new jersey, new york, connecticut and some parts of pennsylvania were devastated. there is going to be a multi-billion dollar rebuilding program necessary just to go back to where those parts of this country were before the storm hit. much more will be needed to protect those parts of this country from future storms that are certain to occur. i'll let it go at that. sigh my colleague from new york -- i see my colleague from new york city has arrived here and i'd like her to pick this issue up and talk about the devastation that occurred in her communities and then we can come back to the infrastructure .
to tackle the fiscal cliff, an economic mandate that could throw the economy into a tail spin unless democrats and republicans stop it all. house speaker john boehner wants a deal on spending cuts. president obama says that is not enough. >> if we're serious about reducing the deficit we have to combine cuts with revenue. >> joining us is jonathan strong. even if tax rates went up on the wealthiest households earning more than $250,000 a year the president, as the president demands, this would actually do almost nothing to reduce the deficit. i look at the joint tax committee report of conscious saying it would reduce the deficit only by 7%. that is 7% out of $1.1 trillion. in many ways is the president's solution more of an illusion? >> he is trying to sell this as a matter of fairness. he seems to be making progress politically on that front. you have a good point. another good question, there isn't any theory this would help the economy. the estimates are it would hurt this the economy. is now the right time for that? people are still hurting out there. >> gregg: the president is
things resolved, get the economy back on track. but, i think it's undeniable based on the results in the house, in the senate as well as the presidency that people are supporting the idea of a more progressive version of the government designed to stand-up for the middle class and that we are all in this together and people aren't on their own and shouldn't be on their own. i'm hopeful the republicans in the house of representatives will come to the conclusion they can't continue to stand by a hard line position of no compromise. the one thing i think is clear is the american people want government to work and that's going to require compromise. >> the american people want government to work. wanting it doesn't make it so. ed, you are an outspoken supporter to mitt romney and a donor to a super pac. >> yes. >> i can understand how you feel about the presidential election because the person you were backing didn't win. when you look at the senate and congress and how congress is going to work with the president, how you interpret or understand the election results? >> one thing is
on the economy in the first year of this ten-year. that is slowing down the gdp by four percentage points that's kicking us into a deep recession. >> i think everybody's aware of that. i don't think that anybody, whether new members coming in now or whether existing members who have been there for a while i don't think anybody has any illusions of the urgency of this. it doesn't mean it's going to be easy. john boehner has to deal with the problems he had to deal with a year ago in terms of his caucus. it's really important that we are in a place where we're further away from the 2010 victory for the tea party. the members of his caucus that were most difficult to deal with a summer ago, those people were coming off of a huge victory in 2010, now much further down road and coming off -- many got re-elected tuesday but the whole political environment has changed given the success of not just president obama but democrats more broadly in congress. and it does change everyone's incentive structure. there's no one, no one, who is politically well affected positively affected if the country drops i
administration. >> reporter: experts warn of serious damage to the economy if the standoff drags on. >> if three or four weeks from now they're making no progress at all, you're going to see the anxiety and the nervousness growing both in the markets and in corporate boardrooms. it's going to be a rough two months for the u.s. economy. >> reporter: and lester, as the clock ticks with the two sides still at odds, they'll try to take the first steps towards common ground on friday here at the white house when the president hosts the entire congressional leadership. >> mick viqueira, thank you. >>> tomorrow marks two weeks since sandy roared ashore here in the northeast, wiping out homes, leaving families with nowhere to go as they try to even think about how to pick up the pieces. a housing crisis that has the feds scrambling to help them. nbc's michelle frandsen is in staten island with more on that. good evening. >> reporter: good evening. this distribution center is the hub for this darkened neighborhood on staten island where people can come and get a hot meal and also much needed supplies. to
the only democratic candidate running on a record of a weak economy and debt crisis that we face and still win. yet, he did. they did very many things that were right. you can point to a couple of things with mitt romney. he may not have been the perfect candidate for 2012 given his corporate turnaround background, secondly, he did not get something republicans have counted on and that is the white working-class voters. in states like ohio, the ads attacking mayor romney as a corporate raider and buccaneer that went on for many months put on by the obama campaign seemed to work. the white working-class vote did not turn out for mitt romney in the numbers he needed. host: you had a piece yesterday, "the survivor in chief." you know to that they expose the myth of the enthusiastic democratic voter. guest: it was a myth i subscribe to for a while. i am sure you read about this over and over again. the democratic voters were dispirited and they were not feeling enthusiastic about the campaign. it was the conservatives and republicans fired up and getting ready to go. the notion was, he would h
begins today. president obama will be making a statement on the economy. he'll speak from the east room of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talking about the fiscal cliff and -- >> we have? >> and yesterday somebody tweeted a new drinking game. every
it in nine years. >> more economists coming around the u.s. economy in recession. economists looking at recession and that is the key, lackluster growth. reports making rounds on wall street, indicating we could see more slowing around the bend, with more on what they're hearing here is a liz macdonald with the bottom line. if you listen to these economists everyone is resetting their expectations. >> seeing four of ten, only 4 of 10 have been their sales estimates. that is not a good number. and other data from the same louis fed, very controversial study. they are -- their preliminary data is flashing fire engine red alarms and a recession is around the corner. the second or third quarter, a third of the gdp growth came from government spending on things like defense the we're seeing 227 stocks in correction mode, apple, google and microsoft and we are seeing a big indicator cutting signals, the number of companies that are cutting -- we are seeing a big tax increase of obamacare, in the fiscal cliff, but when you look at data from the s&p you see the u.s. economy entering recessio
mark you've known me a long time. it's what are the policies that are going to fix our economy which is the foundation of this nation? i disagree with some of the president's approaches. but there are issues even in the republican party where they have caused some of the problems. and instead of going after solutions we're having a fight in washington. >> we're going to talk about policy in a minute. i want to talk to you first, michael. you were there. you were at the epi center of this transfer of power. what was it like to be in chicago? >> it was exciting. i mean, people were talking about the enthusiasm gap. i said look. i do a lot of renewal of vows as a minister. and the second time around of course it's different. you know more about him. you know about her. you're a little bit more jaded. you ain't getting flowers every day. but the bill's being paid, baby got shoes and everybody good. so that's the renewal of vows obama. look, i'm out here doing my thing. and it was tremendous. it was electric. it was the understanding that this is a real choice in america between two diffe
be they cannot outrun the global slow down, a economy with 33,000 stores, 400,000 employees in 100 countries and they are the global economy. they are a reflection of what goes on around the world. 40 percent is in europe but a huge percentage is in the united states, and what they are telling us, the global slow down is real and they are telling us what americans are seeing every day, revenues are declining but the expenses are rising, and the spents are rising faster. the fiscal cliff is only going to make the situation worse. today, wall street woke up, literally they woke up yesterday after the election and said look what is ahead. look what we have to deal with. it is the repricing of risk that is going on. it is good to have the wake-up call and to be mindful of what is on horizon. only then can we deal with it. >>neil: the republicans and democrats are trying to size the other guy up and there is not a lot of final for that. we have sized up the numbers. you with wonder if the guy next to you will blink or if you are blinking or someone will look like they giving away too much, you ha
opted to extend all the bush rates, he did so because the economy was too fragile to tamper with raising taxes at the time. it is more fragile now. the g.d.p. is actually lower now. so, what gives? >>guest: absolutely. the economy is still in a very fragile state and if we are going to continue a recover we l -- we cannot raise taxes. republicans cannot raise tax rates. that is damaging to them. >>neil: do they sense they have wiggle room on the deductions and allowances? and say the president is wrong on this, but the $1 trillion you can talk money like that if you remove the allowances and breaks how is it being told? >>guest: as we start to see how they will roll the loopholes out, there is a lot of corporate welfare in the tax structure. we have not reformed the tax code since the 1980's and the internet wasn't around them so there is an opportunity to roll out the items and see where we are. i don't see how you can dismiss we don't get there without closing loopholes and deductions first. >>neil: for get whether the president can get republicans there, does he have a power will outl
which this nation was founded are the only sure guide to a resurgent economy and to renewed greatness. like so many of you, paul and i have left everything on the ield we have given all our to this campaign. (cheers and applause) i so wish -- i so wish that i had been able to fulfill your hopes to lead the country in a different direction. but the nation chose another leader so ann and i join with you to earnestly pray for him and for this great nation. >> rose: the race revealed america's shifting fault lines. it was a national conversation carried out in a few battleground states. billions of dollars poured into theampan as both sides sought to define the other as responsible for the country's economic and partisan gridlock. but when it became clear that the long race had ended, both candidates spoke of the need for moving past division. here is what the president said. >> and in the coming weeks and months i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together. reducing our deficit, reforming our tax code, fix
in the campaign it laid out his economic plan for how to build an economy, strengthen the economy. that is obviously a central focus of not just the next few weeks, but the next four years. part of that is to reduce the deficit in a balanced way. obviously we have some deadlines approaching. one of the messages sent by the american people throughout the campaign, as jim misener mentioned, clearly shows the president's view of making sure that the wealthiest americans are asked to do a little bit more in the context of reducing our deficit in a balanced way. it is clear that the voters did not see compromise as a dirty word. it is essential for democracy. balance is another important component. hopefully in the aftermath of the election our leaders in both parties and around the country will do the right thing here to help move our economy forward. as the president often said during the campaign, we've got a lot more work to do, but we have made progress, and we have to build on that. this is one component of how we do that, moving forward. >> always curious, did you ever think mic
the east room at 1:00 p.m. eastern on the economy. that issue of the economy directly touches on the dysfunction in washington that americans said they hate. they went to bed election night hoping to fix that. speed really matters here. in just seven weeks the bush tax cuts expire, automatic spending cuts agreed to by both parties kick in. we call it the fiscal cliff and even though it's more like the fiscal steep slope it could do some very bad things to the economy. concerns about rolling down it or falling off it or whatever you want to call it have made markets nervous and credit rating agencies and economists of all stripes are warning about the consequences of not hammering out a deal in time. politicians in both parties, they've been sending out mixed signals ever since the election. on the one hand they're talking about common ground. take a look. >> we want our children to live in america that isn't burdened by debt. that isn't threatened by a warming planet. >> the nation as you know is at a critical point. at a time like this, we can't risk partisan bickering and po
that we could have a double dip recession if the economy gets the double whammy of massive spending cuts kicking in on january 2. and a big tax increases kicking in. the president celebrating in chicago. the sobering reality of governing is setting in here. the president is going to have a crowd of people, we are told, middle-class families who will be impacted by the fiscal cliff. the kind of thing you might see on the campaign trail, raising the question is whether or not the campaign continues. as the president tries to go directly to the american people and sell his case. john boehner said this is his moment. his opportunity to leave. shannon: i would like to play a little bit more about what john boehner has said. and then i would like to play more about what brett said about this. but first, what john boehner said to diane sawyer. >> raising taxes is the wrong prescription. >> raising tax rates is unacceptable. frankly, it could not even pass the house. shannon: bret baier is the anchor of special reporting. what is your reaction? we understand that the president will invite congre
power outages, more destruction. this will hurt the whole nation's economy. "varney and company" about to begin. rs day of work. and his new boss ld him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busseto waiter to chef before opening a restaurant specializing in fish and me from the great northwest. he'll start investing early, he'll find some good people to help guide him, nd he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from ameritrade. stuart: two days after the election the fighting is starting on capitol hill. all about the fiscal cliff, the national debt and taxing the rich. no matter which way you look at it a tax increase looks almost certain and soon. here is senator harry reid. >> people making all this money have to contribute a little bit more. all the polling we have done, the vast majority of the american people support that, including rich people. stuart: the president and harry reid have more clout after the election and they are pushing tax
are economy has a zero short-term interest rate and a long-term interest rate of one or 2% and it will be here for years. not just the united states. europe, japan, sweden, switzerland, singapore -- by assets, do not sit in cash. melissa: why would you buy stock for stock it has become this world where you will be punished for making money no matter where you turn. it just seems like socks is one of the worst options. >> i do not agree that it is one of the worst. i think if you invest properly, you diversify your risk. you own some precious metals, you own some stocks, you own tax-free bonds. the 2.7 is going to go lower. lori: asset allocation, what do you recommend? >> a piece of stocks, bond market, subject to your risk tolerance. personalize it to yourself. melissa: thank you. >> nice to see you. lori: at a global collapse just about a year ago losing one and a half billion dollars of customer money. melissa: the house financial services committee investigated. we will ask its chairman what he found. lori: speaking of gold, check out the trade. a big letdown for gold. listening to david h
of our economy. there will be many who will say with the election over, we should confront the first challenges by electing the top two tax rates expire and pushing it off to somewhere else. they have lessing based in the same temporary policies that have put this into this fix. now they are saying, let's have more of the same. let's to drive our economy of the fiscal cliff and we will call it a day. that might get us out of town but it will not get us out of the problem and it will hurt our economy. we cannot keep going on like that, we cannot set the bar that low. it is time we raise the bar. the american people this week did give us a mandate to simply do the simple thing -- they elected us to lead. they gave us a mandate to work together to do the best for our country. we know what the best thing is, an agreement that sends the signal to our economy and to the world that after years of hunting on the fiscal challenges we face, -- punting the fiscal challenges we face, 2013 is going to be different. if we want to lift the cloud of debt hanging over our country. we will not solve t
Search Results 0 to 49 of about 176 (some duplicates have been removed)